Sable Offshore (NYSE:SOC) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of Sable Offshore (NYSE:SOC) from a sell rating to a strong sell rating in a research report report published on Saturday.

SOC has been the subject of several other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Jefferies Financial Group set a $9.00 price target on Sable Offshore in a report on Wednesday, August 12th. Finally, Roth Capital reiterated a “buy” rating and set a $11.00 price target on shares of Sable Offshore in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Sable Offshore has an average rating of “Hold” and an average target price of $13.33.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $4.91 on Friday. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85. The stock has a market capitalization of $942.27 million, a price-to-earnings ratio of -1.49 and a beta of -0.15. Sable Offshore has a 1-year low of $2.88 and a 1-year high of $28.88. The firm’s 50-day moving average price is $5.29 and its two-hundred day moving average price is $10.34.

Sable Offshore (NYSE:SOC) last posted its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The firm had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. On average, equities analysts predict that Sable Offshore will post -2.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its position in shares of Sable Offshore by 242.0% during the second quarter. California State Teachers Retirement System now owns 326,283 shares of the company’s stock worth $1,005,000 after acquiring an additional 230,884 shares during the last quarter. Odyssean LLC bought a new position in Sable Offshore in the second quarter valued at about $187,000. AXQ Capital LP boosted its holdings in Sable Offshore by 25.6% in the second quarter. AXQ Capital LP now owns 37,069 shares of the company’s stock valued at $114,000 after acquiring an additional 7,552 shares during the last quarter. Briaud Financial Planning Inc acquired a new stake in Sable Offshore in the second quarter worth about $37,000. Finally, Headlands Technologies LLC acquired a new stake in Sable Offshore in the second quarter worth about $302,000. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Company Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.